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    • pomaus
    • By pomaus 17th May 17, 8:18 PM
    • 4Posts
    • 3Thanks
    pomaus
    Advice from IFA so confused
    • #1
    • 17th May 17, 8:18 PM
    Advice from IFA so confused 17th May 17 at 8:18 PM
    I have recently received a very large compensation payment.
    I have sort the advice from an independent Financial advisory and I am left so confused, more confused than ever.
    I spoke to 3 separate companies, as that was the approach I read I should take on here.
    The amount we are looking to invest is in excess of £300k.

    I explained my circumstances that I am a Cautious Investor, I am not comfortable with risk at all, Actually I would go as far to say I am a defensive investor and just want to offset losses to inflation.

    Financial Adviser A) produced a report that says that I should invest everything with a Discretionary Fund Manager through a Offshore Bond, he says that the use of the offshore investment bond would provide protection of 90% of the funds held in a long term insurance plan under policyholder protection.
    * He explained that I would be entirely protected under this insurance policy and so if everything went wrong, the most I stand to lose is 10% of my funds.
    That seems to good to be true, I said the same to the FA, I do not understand how any investment that includes investing in stocks and shares can offer protection for 90% of your capital. though he assures me this is the case.

    Financial adviser B) had me in for a free consultation which lasted almost 2 hrs, which was really a fact finding mission for the FA, who at the end told me that to proceed I needed to pay £500 just to see their written advice. There was not even a hint of a suggestion of how I would invest, how much risk and potential gains / losses to expect as a cautious investment portfolio

    Financial adviser C) I only spoke to on the phone, lovely lady, who through just discussing my circumstances on the phone, felt that I was a cautious Investor and I should really just consider products that I can access through high street banks, though she suggested spreading my money through various banks to ensure i receive the maximum FSCS through a variety of banks. She felt I should wait until I got my head around receiving such a large amount of compensation and become comfortable with that before making any rash long term decisions.

    Financial Adviser A) seems to good to be true
    B) I am furious that he wasted my time and got me to his office under false pretences, how this was a free consultation I have no idea.
    C) Trustworthy, but is this right for me and should i take a small leap of faith.

    I am just so confused
Page 1
    • dunstonh
    • By dunstonh 17th May 17, 9:00 PM
    • 89,523 Posts
    • 55,963 Thanks
    dunstonh
    • #2
    • 17th May 17, 9:00 PM
    • #2
    • 17th May 17, 9:00 PM
    Duplicate thread:
    http://forums.moneysavingexpert.com/showthread.php?p=72564350#post72564350
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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